Hamburg: Commercial transactions at all-time high


2018 turned out to be a record year for investments in Hamburg’s commercial properties. Transactions added up to €5.9bn, which is a plus of 66 % over the previous year and 83 % above the ten-year average, as BNP Paribas Real Estate reports. The €5bn mark had only been cracked once before during boom year 2007. At that time, however, portfolio deals accounted for 64 % of the total volume, now that share is only 16 %. BNP counted 16 deals in the three-digit millions; Savills, who quotes a total transaction volume of 5.3bn and a plus of 49 %, lists 17. Just over half of the investment volume went to office property, 16 % were retail buildings. After the net prime yield for office buildings had stabilized, BNP reports that it declined by 10 basis points to 3.05 % at the end of the year. For commercial buildings, it holds steady at 3.00 %. Savills quotes similar figures. For 2019, the brokerage is not expecting any further yield compression.

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